Stocks Fall: Here's What You Need To Know

First the scoreboard:

Dow: 15,635.70, -41.24, -0.26%
S&P: 500 1,722.52 -3.00 -0.17%
NASDAQ: 3,789.82 +6.18 +0.16%

And now the top stories:

• Weekly initial jobless claims beat expectations, falling to 309,000 versus 330,000 predicted by analysts.
• The Philadelphia Federal Reserve's manufacturing index surged to 22.3, crushing both expectations for 10.3 and last month's 9.3 tick. The labor component improved 7 point to 10.3, the most robust measure since last April. Goldman's Jan Hatzius considers the Philly Fed one of the best predictors of economic growth.
• Existing home sales climbed 1.7% to an annualized rate of 5.25 million, the most in six-and-a-half years.
• JPMorgan agreed to pay a $920 million fine for its London Whale trading losses. The firm also admitted wrongdoing, a sign that the era of "neither admitting nor denying" charges may be over.
• In a new note, Goldman Sachs said gold will continue to rally in the near-term thanks to the taper and the Congressional quagmire. The yellow metal was up more than 4% today to $1,365.
• Postmaster General Patrick Donahoe says the U.S. Postal Service is running out of cash and urged a Senate panel to consider a postage rate increase.
• ConAgra quarterly earnings fell 42%, and the company reiterated its reduced guidance for the year, noting consumers were responding negatively to rising prices, the Wall Street Journal reported.
• Pope Francis gave a landmark interview saying the Catholic church needed to focus on being more inclusive and simplifying its message, which many took as a sign he will seek to curb its fixation on social issues.